Chapter 283: A Fragmented Warner
At Sun Valley, Aaron was on the golf course with Charlie Munger of Berkshire Hathaway. Since Munger spent a lot of time in Los Angeles, he had a deep understanding of Dawnlight's rapid rise.
"So Dawnlight is moving into television as well?" Munger asked.
Aaron nodded.
"The globalization of Hollywood is becoming more and more obvious. A global television strategy offers enormous potential."
"Hollywood is the world's most important content supplier in the entertainment industry—and Dawnlight is already one of its leading players. This is the best possible era."
There was no attempt to hide the confidence in Aaron's voice.
Munger could clearly feel the sharp edge of ambition in this young man.
Aaron glanced at him and smiled.
"Berkshire Hathaway's stock is around $16,500 per share right now, isn't it? Dawn Fund just picked up 10,000 shares over the past few days."
With only about 1.4 million shares outstanding, Berkshire Hathaway had long held the title of the highest-priced stock per share in the world.
Warren Buffett's philosophy of long-term investing meant that most shareholders held on tightly, keeping trading volume relatively low.
After all, when each share costs tens of thousands of dollars, liquidity naturally stays limited.
Munger chuckled.
"One of Berkshire's key holdings, The Coca-Cola Company, surpassed Walmart last year to become the most valuable consumer goods company—ranking fourth in the U.S. with a market cap of $66 billion."
"Its growth has contributed greatly to Berkshire's performance."
Aaron nodded. That was no surprise.
Coca-Cola had always been one of Buffett's core investments. Both Buffett and Herbert Allen Jr. were not only shareholders but also board members.
No wonder Buffett was almost always seen holding a Coke whenever he appeared in public.
Among U.S. corporations at the time:
General Electric had become the most valuable company in the U.S., surpassing Exxon, with a market cap of $87 billion
AT&T ranked second at $78 billion
Exxon had fallen to third, with $75 billion
That evening, Aaron and Christiana Reali relaxed at the resort bar.
"We'll head back to Los Angeles tomorrow," Aaron said.
She nodded. "All your business here is done?"
"What business?" Aaron shrugged.
"Buying over $100 million worth of Berkshire stock is enough for this trip."
Then he leaned in, kissed her cheek lightly, and stood up.
"I'm going to the restroom."
As he walked away—
"Good evening, Aaron!"
A voice called out from behind him.
On his way out, Aaron ran into Gerald Levin, chairman of Time Warner.
"Good evening, Mr. Levin," Aaron said, shaking his hand.
Levin smiled and patted him on the shoulder.
"Dawnlight's growth is remarkable. At this rate, Hollywood might look very different in just a few years."
"Perhaps we should sit down sometime and discuss potential cooperation."
Aaron nodded politely.
"Time Warner is still the largest entertainment conglomerate. Dawnlight would certainly be open to working together."
Then he added casually,
"I've heard Time Warner is considering selling its stake in TBS. Is that true?"
Levin glanced at him.
"Oh? Dawnlight is interested in TBS?"
Time Warner held a 21.9% stake in Turner Broadcasting System—a significant share.
With the company burdened by heavy debt, Levin had indeed been considering selling it.
Aaron smiled faintly.
"A company that owns CNN—who wouldn't be interested?"
Of course, TBS didn't come cheap.
CNN alone made it a highly coveted asset.
Levin chuckled.
"With Dawnlight's current valuation, I wouldn't be surprised if you could swallow the entire TBS—let alone just my 21.9%."
Aaron shook his head.
"Acquiring TBS isn't that simple."
There were major obstacles:
Founder Ted Turner himself
The second-largest shareholder, Tele-Communications Inc. (TCI), led by John Malone
TCI alone controlled nearly 25% of TBS, giving Malone significant influence.
After TCI's failed merger with Bell Atlantic, Malone had even reorganized assets into what would become Liberty Media—further strengthening his strategic position.
Levin said lightly,
"Maybe you don't need to buy it all at once. You could… acquire it piece by piece."
Time Warner's situation was dire.
Levin urgently needed cash, and few companies in Hollywood had both the liquidity and the appetite for such a deal.
Dawnlight, however, did.
Its massive cash flow—fueled by blockbuster films—was no secret.
Aaron licked his lips slightly.
It was a tempting suggestion.
After Levin left, Aaron watched his retreating figure and shook his head.
Time Warner's debt had ballooned to $15 billion—worse even than Viacom after its acquisition of Paramount.
And the internal situation was no better.
After forcing out N.J. Nicholas and consolidating power following Steve Ross's death, Levin had effectively brought political infighting into the company.
Executives were now consumed by power struggles.
Departments competed against each other openly and covertly.
Time Warner was, in essence, fracturing from within.
"TBS…" Aaron murmured.
The empire built by Ted Turner was incredibly attractive:
CNN
TBS
TNT
A vast film library including MGM assets
Stakes in studios like Castle Rock and New Line
With TCI and Time Warner controlling over half the shares—and Turner himself a famously unpredictable figure—this was no easy target.
Still, Aaron's biggest takeaway from Sun Valley was clear:
Time Warner was willing to sell.
That alone changed everything.
If Dawnlight truly wanted a foothold in television, TBS was one of the most strategic entry points available.
But before anything else—
He would have to deal with Ted Turner.
Whether they could cooperate…
or whether one would have to dominate the other—
That was the real question.
And Aaron had never liked variables he couldn't control.
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